One of the software applications recently introduced to tackle the menace of fraudulent transactions is the BIN checker. As normal with all other types of software, there are today a lot of BIN databases. But they differ in their features and in the quality of protection they offer users. In other words some of the BIN list databases are more superior than the others. So, if you want to get the best from BIN list software, it is advisable that you go for the best. The problem is being able to know the best BIN lookup software. There are some tricks that you can apply in order to be able to differentiate a superior software for checking BIN and inferior ones. Here are tips to apply to choose the best BIN list database.
Consider the accuracy percentage of the software
There are many online bin list databases that do not provide accurate data for effective matching of billing information and card information. The owners of these sites and software are only out to make some money from the unsuspecting merchants. But accuracy of information is highly important for effective matching required for the prevention of fraud. When you are choosing an online checker, make sure that you consider the accuracy of information and choose one that offers 99% to 100% information accuracy. If you are using a BIN checker that does not have high accuracy, you can easily mistake a fraudulent transaction for a valid one and vice versa. To find out websites that offers high accuracy that is between 99% and 100%, you have to do thorough search and take time to read reviews of various BIN list databases before you will be able to make an informed decision. Check many websites and then narrow down your search to three or four and out of these number choose one that has better features and that appeals to you more based on your research.
Choose a Bin Checker that is user-friendly
One of the important features to consider when searching for the best BIN database is ease-of-use. A great BIN lookup software is supposed to be user-friendly. The website hosting such software should be designed in such a manner that internet newbie and people that are not conversant with the internet are able to use them to look up BIN. There are some features that together makes a BIN lookup a user-friendly one. Users should find it easy to set them up with the current system of their company; it should be easy for users to read and navigate through them. This may depend on individuals. In other words, you should not purchase a BIN checker that is difficult for you to use.
Each BIN checker has different database and one of their areas of divergence is in their size. Some BIN lookups come with bigger databases. It is advisable that you make use of a BIN lookup with a large database that contains up to 140,000 bin records and thousands of banks. Using one with a small database is a waste of money because it will not be able to provide validation on all transaction unless it is updated. So, to avoid wasting your money and time, purchase one with a large database.
Take the future of your business into consideration
The final point to consider before choosing a BIN list website is the future of your business. Go for a BIN list websites that will meet the future needs of your business.
Make sure that the site has a demo where you can try out the features of the BIN checker before purchasing it.